Resolute Energy Corp. (NYSE: REN) said Aug. 24 that CEO Nicholas J. Sutton will retire by the end of the year.

The Denver company's COO Richard F. Betz will succeed Sutton as CEO upon his retirement, which is effective Dec. 31. Sutton has been chairman and CEO of Resolute and its predecessor and affiliated entities since its formation in 2004.

Betz has been with Resolute since its formation as well, starting out as vice president. He later helped the company enter the Permian Basin in 2011 as senior vice president of strategy and planning.

Resolute controls about 23,100 gross (13,600 net) acres in the Delaware Basin in Reeves County, Texas, according to the company's website.

Betz's leadership was integral to Resolute's transformation into a "successful Delaware Basin player," Sutton said in a statement.

"Rick has my unequivocal support and is the best candidate to serve as Resolute's next CEO. His dedicated leadership, deep financial background and operational knowledge will be an asset to the company for many years to come," he said.

Sutton will continue as executive chairman of Resolute's board indefinitely. He will also continue to remain involved with the company's strategy and material business with an office in Denver.